Millennium Management LLC decreased its position in shares of The Coca-Cola Co (NYSE:KO) by 94.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,950 shares of the company’s stock after selling 2,459,146 shares during the period. Millennium Management LLC’s holdings in The Coca-Cola were worth $6,665,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of KO. OLD Mutual Customised Solutions Proprietary Ltd. grew its position in The Coca-Cola by 1.1% in the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 233,378 shares of the company’s stock worth $10,236,000 after acquiring an additional 2,600 shares in the last quarter. Baldwin Investment Management LLC purchased a new position in The Coca-Cola in the second quarter worth about $272,000. Signaturefd LLC grew its position in The Coca-Cola by 27.2% in the second quarter. Signaturefd LLC now owns 660,147 shares of the company’s stock worth $28,954,000 after acquiring an additional 140,972 shares in the last quarter. Kabarec Financial Advisors Ltd. purchased a new position in The Coca-Cola in the second quarter worth about $232,000. Finally, AGF Investments Inc. purchased a new position in The Coca-Cola in the second quarter worth about $5,750,000. Hedge funds and other institutional investors own 65.31% of the company’s stock.
Shares of NYSE KO opened at $44.68 on Friday. The company has a quick ratio of 1.06, a current ratio of 1.15 and a debt-to-equity ratio of 1.39. The stock has a market capitalization of $197.04 billion, a price-to-earnings ratio of 23.39, a PEG ratio of 2.85 and a beta of 0.74. The Coca-Cola Co has a 1 year low of $41.45 and a 1 year high of $48.62.
The Coca-Cola (NYSE:KO) last announced its quarterly earnings data on Wednesday, July 25th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business had revenue of $8.90 billion during the quarter, compared to the consensus estimate of $8.54 billion. The Coca-Cola had a net margin of 7.18% and a return on equity of 40.68%. The firm’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 earnings per share. On average, sell-side analysts predict that The Coca-Cola Co will post 2.07 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 14th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Thursday, September 13th. The Coca-Cola’s dividend payout ratio is presently 81.68%.
In other news, insider John Murphy sold 56,000 shares of The Coca-Cola stock in a transaction that occurred on Wednesday, July 25th. The shares were sold at an average price of $46.48, for a total transaction of $2,602,880.00. Following the completion of the sale, the insider now owns 140,869 shares of the company’s stock, valued at $6,547,591.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Kathy N. Waller sold 48,354 shares of The Coca-Cola stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $46.45, for a total transaction of $2,246,043.30. Following the sale, the vice president now directly owns 200,725 shares of the company’s stock, valued at approximately $9,323,676.25. The disclosure for this sale can be found here. Insiders have sold 215,822 shares of company stock valued at $10,027,727 in the last ninety days. Insiders own 1.48% of the company’s stock.
Several research analysts recently commented on the company. HSBC set a $61.00 price target on The Coca-Cola and gave the stock a “buy” rating in a research report on Thursday, September 27th. Zacks Investment Research lowered The Coca-Cola from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. Jefferies Financial Group set a $48.00 price target on The Coca-Cola and gave the stock a “neutral” rating in a research report on Thursday, September 6th. Morgan Stanley set a $49.00 price target on The Coca-Cola and gave the stock a “neutral” rating in a research report on Wednesday, September 26th. Finally, Guggenheim assumed coverage on The Coca-Cola in a research report on Thursday, September 13th. They issued a “buy” rating and a $51.00 price target for the company. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $50.64.
About The Coca-Cola
The Coca-Cola Company, a beverage company, manufactures and distributes various nonalcoholic beverages worldwide. The company provides water, enhanced water, and sports drinks; juices; juice, dairy, and plant?based beverages; teas and coffees; and energy drinks. It also offers concentrates, syrups, beverage bases, source waters, and powders/minerals, as well as fountain syrups to fountain retailers, such as restaurants and convenience stores.
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